Wiser Oil Drills 13 Wells During Winter Drilling Season

Wiser Canada has participated in drilling 13 wells so far in the 2004 Canadian winter drilling season with four wells currently drilling. Ten of the 13 wells drilled to date were successful and are in various stages of completion. Five additional wells will spud before the winter season closes increasing the total well count to 22.

Two "field pay" Cretaceous wells have been drilled so far at Wild River (24% WI). The first well has been tested in two zones at a combined rate of 4.8 MMCFD and is currently being tied in. The second well is being tested. Three additional new drills are planned for this season (50% WI) and one well will be re-entered (24% WI).

Drilling activity is complete at Wolverine. Seven shallow wells and one deeper Gilwood test were drilled. Four of the shallow wells were successful and will be tied in this season. The combined test rates for these four wells was 488 MCFD (15% WI). The deeper Gilwood well has been cased and is currently being tested (15% WI before payout - 45% WI after payout).

At Chinchaga three shallow wells were drilled and cased and are currently being tested (44.4% average WI). One well that was drilled last season has been tied in and is producing 400 MCFD plus 25 bopd (50% WI).

Two rigs drilling toward Cretaceous and Mississippian gas targets are within days of reaching total depth at Hinton-Obed (28.3% average WI). One additional re-entry is planned at Hinton-Obed this winter season (25% WI).

One rig currently active at the Buick Creek prospect is expected to reach total depth in March (50% WI). The fourth active rig is drilling an offset to last year's Granite Wash discovery at Red Earth (50% WI).

In addition, the Company has completed a de-bottlenecking project at Hayter, which involved the installation of additional compression capacity. As a result, production has risen from a low of 1350 BOEPD net to Wiser's working interest in late 2003 to the current level of 2025 BOEPD net to Wiser's working interest.

Finally, the Company plans to recomplete a watered-out Granite Wash well at Evi to the shallower Slave Point interval (50% WI). A previous Slave Point recompletion in the field yielded 50 bopd. Thirteen additional Slave Point locations have been identified by the Company that can be accessed through existing or future Granite Wash wellbores. No proved reserves are assigned to these Slave Point opportunities.
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